US oil output is expected to rise in 2017 and 2018. A report released by the US Energy Information Administration on Tuesday showed US crude oil production is expected to increase by 110,00 barrels per day in 2017 to 9 million bpd and by another 300,000 bpd in 2018. West Texas Intermediate crude oil is higher by 0.8% at $51.20 per barrel.

The Turkish lira tumbles to another record low. The currency is down 2% at 3.8657 per dollar, running its 2017 loss to about 9% just eight trading days into the new year. The lira slumped 17% in 2016.

Francois Fillon is ahead in the French polls. The conservative former prime minister holds a 64% to 36% edge over far right leader Marine Le Pen and a 52% to 48% lead overindependent Emmanuel Macron. The runoff is scheduled for May.

The US has charged 3 FX traders over currency rigging. Traders Richard Usher, who worked at Royal Bank of Scotland and JPMorgan, Rohan Ramchandani, an-ex Citi banker, and Christopher Ashton, a former employee of Barclays, were charged with “conspiring to fix prices and rig bids for US dollars and euros exchanged in the FX spot market,” the DoJ said in a statement.